On April 17, 2024, the company has issued convertible senior secured notes in an aggregate principal amount of $48,000,000 for gross proceeds of $48,000,000. The Notes will bear interest at the annual rate of 6.0%, which interest is payable quarterly in cash or, at the Company?s option, in kind for the first three years. The maturity date for the Notes will be April 16, 2031.

The Notes are convertible into shares of the Company's common stock, par value $0.0001 per share, at a Purchaser?s election at any time after the earliest of the date on which Stockholder Approval is obtained, December 31, 2025, the date of a Fundamental Change Company Notice and the Make-Whole Fundamental Change Effective Date (as defined in the Amended Note Purchase Agreement subject to certain terms and limitations in the Amended Note Purchase Agreement, based on the higher of an initial conversion rate of 307.0797 shares of common stock per $1,000 principal amount of notes equivalent to an initial conversion price of approximately $3.26 per share. Subject to specified conditions, on or after April 16, 2028, the Notes are redeemable by us at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The issuance of the Notes was conducted in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended and by Rule 506 of Regulation D,